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Oil hits record near $140 a barrel on dollar, fire

NEW YORK -- Crude oil futures hit a record near $140 a barrel Monday as investors shrugged off Saudi Arabia's promise to boost production and instead focused on a weaker dollar. Retail gas prices rose to a record $4.08 a gallon, according to the Associated Press.

Light, sweet crude for July delivery soared to a trading record of $139.89 before retreating to trade up $3.33 at $138.19 a barrel on the New York Mercantile Exchange.

Posted by Peter C. T. Elsworth  at 10:18 AM to Crude oil market | Permalink

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